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Gold prices near steady as global stock markets gain

INTRODUCTION TO GLOBAL MARKETS (EGM 101). - EGM AnalyticsGold prices are not far from unchanged on the day in early U.S. trading Tuesday. More chart consolidation and some profit taking by the shorter-term futures traders are featured early this week. The gold market bulls are still encouraged by their metal’s stability amid rallies in global stock markets recently. This week’s drop in crude oil prices has somewhat curtailed demand for the precious metals. June gold futures were last up $1.60 an ounce at $1,725.60. May Comex silver prices were last down $0.015 at $15.195 an ounce.

Global stock markets were mixed in overnight trading, while the U.S. stock indexes are pointed toward higher openings and at or near seven-week highs when the New York day session begins. Some regions in some countries, including the U.S., are reopening at least some businesses that have been shuttered from the Covid-19-induced lockdown. People around the globe are starting to suffer from what is being called “quarantine fatigue,” which means many are starting to ignore social-distancing guidelines and are eager to see economies reopen—while government leaders debate the timing of reopening commerce. Reports say U.S. automakers plan on restarting their plants on May 18.

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